The NCVO and others support proposals from Chris Leslie, shadow financial secretary to the Treasury

Chris Leslie

Voluntary sector leaders and social finance experts are supporting proposed amendments to the Financial Services Bill that would require the successor organisation to the Financial Services Authority to support social investment.

Chris Leslie, Labour MP for Nottingham East and shadow financial secretary to the Treasury, has proposed establishing a social investment panel to advise the new Financial Conduct Authority.

Leslie has also tabled an amendment that would require the FCA to carry out its work in a way that promotes the development of social finance.

Nineteen other voluntary sector leaders and social finance experts have signed the letter in support.

"The amendments pave the way for the growth of the social investment market, which is about to receive a large injection of capital from Big Society Capital," wrote Etherington.

"The amendments are simple and stand-alone, do not cost the taxpayer and do not interfere with any other aspects of the bill.

"At a time of austerity and public funding cuts for charities, the amendments would help to support the role of social investment to finance civil society and would help the UK to develop as a leading international destination for social investment."

The FCA is expected to replace the financial services regulator in 2013.

The bill is at committee stage and is expected to receive royal assent by the end of the year.

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